3 Tips for Renovating Your Home On A Budget

Home Improvement

If you have decided to undertake a major renovation of your home, you’re not alone.

The market for real estate and home renovation in Canada and the US has been booming throughout the pandemic, as people around the world were forced to stay indoors.

That combined with historically low interest rates and low inventory for homes has led to an exceptionally busy time for real estate and home renovations. At the same time that first-time home buyers are entering the marketplace with lower payments, many other families are improving and expanding their homes by taking advantage of low interest rates.

For families that already owned a house, they spent most of the pandemic at home and many started to consider moving into a bigger space or expanding their home with a renovation.

A common example would be adding a home office after spending months or even a year working from the kitchen table or in the basement. That’s why companies specializing in home renovations are often booked out for months.

Doug Walton, from Nest Builder, said business has increased since COVID-19, and the company has doubled the number of renovations in the community, The Star reported. Any contractor for home renovations is probably booked from mid to late 2022 with such high demand, Walton said.

“They have the extra money because they haven’t been traveling, and they want to put it into their home because that’s where they’re spending the majority of their time. So that’s driven a lot of the renovation increase,” Walton said.

If you’re considering your own home renovation, here are a few things to consider before you get started.

Make A Plan

Are you aiming for a single project, like building a deck in the backyard? Or are you feeling more ambitious and aiming for multiple projects in several different parts of your property?

Either way, you will want to make an effective and detailed plan. If you’re trying to complete your renovation on a budget, then you’re likely doing all the planning and cost estimates yourself. Hiring a professional architect is always a good idea if you have the money. If not, you need to carefully consider the big picture of this project and its constituent parts.

“You will want to ask yourself several questions before getting started,” said Tom Jakobek, CEO of construction firm KBNJ Consulting, Inc. “What materials are you going to need? How much are they going to cost? Make sure you have the tools to take proper measurements. This will save you massive amounts of time and money later on,” Tom Jakobek added.

Do Your Research

Once you’ve decided on the basics of your project, you will quickly find from a bit of research that there are many options available to you.

For example, the carpet or flooring that you saw at a boutique home improvement store can likely be found elsewhere for less money. If you want to save money on the materials, search online on Craigslist or Facebook Marketplace. You could also try looking at thrift shops or secondhand furniture stores in your area.

If you’re on Next Door, a platform that creates social networks for neighborhoods, you could make a post about what you’re looking for and potentially find the things you need just a few blocks away.

Resale Value

Finally, it’s important for most homeowners to make sure that the changes they make to their home ultimately increase its value. If you’re planning on living in the same house for the rest of your life, that might not be a concern. But for most people, retaining and even growing the value of their home is an important part of their financial planning.

In a Forbes article about home renovation tips, one family decided to add a master suite not only for themselves, but also for the sake of the home’s resale value. They applied that concept to the family room and kitchen as well, which they widened by removing a wall.

“We did think about resale value when choosing important pieces like plumbing hardware and kitchen appliances,” the Minton family said in the article. “We invested in top of the line brands to make sure we captured all of the value of the property later on.”

Renovating a home doesn’t have to be the frustrating endeavor that’s often depicted in movies and television shows. With enough planning and foresight, you can improve your house economically and beautifully.